CSAV halves losses
The Chilean shipping company Compañía Sudamericana de Vapores (CSAV) reported a significant reduction in its losses in 2013. According to the carrier, last year's net loss was USD 169 million, 46% lower than the USD 313.6 million shortfall in 2012.
The 2013 results came amidst lower freight rates than in 2012. CSAV's CEO Oscar Hasbún explained that, “while the industry is still in an unstable state, our improved results are mainly due to the internal changes we made in the company." He added that in a balanced industry scenario, his company has great profit potential.
He went on to say that the company's major investment in increasing its own fleet will be a determining factor in the results for the coming years. According to his statement, the company had no assets before, which led to high ship chartering costs. This situation is now changing due to the large capital injections that have been made. By the end of 2015, CSAV is set to own over 50% of its fleet.